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Mortgage Refinance Calculator

Please note: All calculations are indicative only and the final results will vary depending on your personal situation and loan arrangements.


Change the information below to see how much you could save

Loan details

Your repayment type:  
Your current loan balance:  
Your current monthly repayments:  
Your current interest rate:    %
Your current exit fees:    
 
     


Option 1:

Keep your monthly repayment the same as with your current lender

Benefit: Pay off your loan sooner therefore save lots on interest
Lender Interest Rate Loan Term Monthly loan repayments Total interest paid over loan term
MyRate 4.99% 21 years 2 months $1,916 $186,171
Your current loan 5.91% 25 years 1 month $1,916 $275,097

Your total savings:

$88,426

How much sooner will your loan be paid off?

3 years 11 months




Option 2:

Reduce your current monthly repayments and keep your loan term the same

Benefit: Save on interest and free up cash every month
Lender Interest Rate Loan Term Monthly loan repayments Total interest paid over loan term
MyRate 4.99% 25 years 1 month $1,752 $225,742
Your current loan 5.91% 25 years 1 month $1,916 $275,097

Monthly repayment saving:

$164

Your interest savings:

$48,855



Option 3:

Reduce your monthly repayment even more and extend your loan term

Benefit: Free up even more cash every month
Lender Interest Rate Loan Term Monthly loan repayments
MyRate 4.99% 30 years $1,609
Your current loan 5.91% 25 years 1 month $1,916

Monthly repayment savings:

$307

Note: Taking advantage of option 3 will extend your loan term and will therefore mean that you will pay more in total interest over the life of the loan (assuming that you would pay off your existing loan in less than 30 years)


Refinancing with MyRate:

Your MyRate consultant will handle the refinance from start to finish and communicate with your current lender, saving you the hassle!


^ It takes approximately 2 hours to complete your loan application and gather your supporting documents with MyRate. The numbers shown are an estimate only. Other lender and/or government fees and charges may apply. The term Standard Variable Rate home loan refers to the features of the home loan. Both a "Standard Variable" home loan and a "Basic Variable" home loan are variable rate loans but a "Standard Variable" loan typically has many more features than a "Basic Variable" loan and is usually a lot more flexible. As the loan type is "Variable" ( as opposed to "Fixed"), interest rates will vary from time to time with market conditions. Our funder may not always vary all loans by the same amount or may offer lower rates to attract new borrowers. As such, slightly different borrower rates will exist depending on when your home loan settled. Unlike some of the big banks, MyRate loans do not have one "Standard Variable" reference rate that applies to all home loans.
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how much can i borrow
MyRate Update
Thursday 23rd October 2014

Borrow up to 97%?

MyRate can offer a 97% LVR on purchases including capitalised LMI. Available at 5.17% variable and comparison rate.

Enquire now to find out more.

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